Ingredion Completes Sale of Majority Equity Stake in Pakistan Business

Nishat is a leading local operator in Lahore, Pakistan with a proven track record for success in a variety of business sectors including agriculture, textiles and apparel, banking, and hotels and hospitality.

Post-close, Ingredion retains an approximate 20% ownership interest in Rafhan Maize. The purchase price paid to Ingredion was approximately $165 million.

“This transaction continues the transformation of our portfolio and reduces earnings volatility while unlocking investment dollars that can be deployed to support higher-growth businesses,” said Jim Zallie, Ingredion’s chairman, president and CEO. “Retaining a relationship as a minority stakeholder in a strong, well-positioned business also provides continuity of access to Middle East and South Asia markets, which we see as long-term platforms for growth.”

The transaction was announced on September 29, 2025. For the full-year 2025, Ingredion’s business in Pakistan delivered net sales of approximately $250 million (unaudited).

About Ingredion
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2025 annual net sales of approximately $7.2 billion, the Company turns grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs^® innovation centers located around the world and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature, and technology together to make life better. Visit ingredion.com for more information and Company news.

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